Offers In Excess Of ?

[Zacs-Master]

Entering the property market (possibly) for the first time in 20 years. All properties seem to be advertised 'offers in excess of' nowadays. What percentage does one add?

[Guilbert53]

The price of a house will depend if it is a buyers market or a sellers market (these change all the time).

A few years ago, when we had the financial crash, it was a buyers market as people were reluctant to take out a mortgage, also banks tightened up on how much they would lend.

During that time you could offer less than the asking price as there were few other buyers around.

But at other times, if the financial market is strong and banks will lend decent mortgages, and there are lots of buyers and not many sellers, then it is a sellers market and you will probably have to offer over the asking price to get it (or may even be gazumped).

So you need to decide (in your area) if it is a buyers market or sellers market.

If you are not sure just offer a figure, they can only say no, then keep raising it till they say yes.

No point it paying more than you need to.

[jourdain2]

No, Z-M, I think we must be within striking distance of each-other. I'm about 9 miles from Driffield and 8-ish from Filey - I help out at Filey Academy.

[Zacs-Master]

Striking distance? Do you have nuclear capability in Driffield?! ;-)

[jourdain2]

Working on it. Our terrier is pretty fierce with other dogs, using him as a model. :)

[Zacs-Master]

Haaaa. 7 miles NE of Selby, so I'm raising your Terrier threat with a Border Collie! ;-)

[jourdain2]

Could be an interesting (if vet-fee pricey )encounter. We're more or less 8 miles straight inland from Filey. I did house-hunt around your area.